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Hashchain Technology CEO Patrick Gray on Strategic Cryptocurrency Mining
Hashchain Technology Inc. (CVE:KASH) (OTCMKTS:HSSHF) (FRA:1NQ) is a blockchain technology company that is currently focused on cryptocurrency mining, including Dash, Bitcoin, Bitcoin Cash, Ethereum, and other coins. CEO and Director Patrick Gray speaks to the Midas Letter about strategy and the company’s competitive edge.
TRANSCRIPT:
James West: Pat, thanks for joining me today.
Patrick Gray: Absolutely.
James West: Pat, it’s somewhat self-explanatory one would think, but what is it exactly that HashChain Techologies does?
Patrick Gray: So HashChain Technologies is a Blockchain technology company that has multiple divisions. Right now, we’re strategically focusing on cryptocurrency mining, but we have a lot of exciting other things in the works around Blockchain technology solutions, some really exciting acquisitions coming up, as well as building our own IP in house.
The one thing I want to make clear is, we’re a Blockchain technology company, not just a pure cryptocurrency mining play, although we are focusing on that in the beginning because it makes strategic sense.
James West: Okay. What are you mining?
Patrick Gray: So right now we’re mining Dash, Bitcoin, Bitcoin Cash, Ethereum, Decred, and we’re looking at purchasing some other rigs over the next few months to mine multiple other coins as well. So we’re very diversified. I think there’s a lot of companies out there that are focusing on a few different coins, and it’s really important to me that we’re diversified in the space. At the end of the day, I don’t necessarily believe in any single coin; what I do believe in is digital assets. I know that digital currencies are the next evolution of money, and digital assets as a whole will be here in 100 years. And I can’t say the same about any individual coin today.
James West: Yeah, well, I’m with you there 100 percent. Where do you do your mining?
Patrick Gray: Right now we’re currently mining in Vancouver; we’re paying about $0.04 kilowatt per hour. But we have one in Montreal as well that we pay $0.03 per kilowatt hour; we’re looking at facilities in Newfoundland, where we would pay $0.02 per kilowatt hour, and we’re also looking at acquiring a facility in Northern Quebec where there’s a dam onsite where we’d be producing our own electricity, which is very exciting.
James West: Yeah, that is exciting. I’ve talked to a few companies that are sort of putting their operations proximal to low-cost or zero-cost power sources, and that strikes me as pretty important when your highest input cost on mining is energy.
Patrick Gray: Yeah, absolutely. So there’s approximately 1,000 megawatts being consumed around the world; the majority of that is currently in China. You’ve probably read that that may be changing. To be an optimal, efficient mining facility, you need three things: low temperature, low electric costs, high speed internet. And there’s only a few places around the world that have all three: places like Russia, Sweden, Iceland, and Canada. Only about 14 percent of the world is currently mining, and the most profitable places to mine, which means 86 percent of the world, is mining in less efficient places, which gives HashChain a huge competitive advantage as we will be more profitable.
Ja
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By James West and Ed MilewskiHashchain Technology Inc. (CVE:KASH) (OTCMKTS:HSSHF) (FRA:1NQ) is a blockchain technology company that is currently focused on cryptocurrency mining, including Dash, Bitcoin, Bitcoin Cash, Ethereum, and other coins. CEO and Director Patrick Gray speaks to the Midas Letter about strategy and the company’s competitive edge.
TRANSCRIPT:
James West: Pat, thanks for joining me today.
Patrick Gray: Absolutely.
James West: Pat, it’s somewhat self-explanatory one would think, but what is it exactly that HashChain Techologies does?
Patrick Gray: So HashChain Technologies is a Blockchain technology company that has multiple divisions. Right now, we’re strategically focusing on cryptocurrency mining, but we have a lot of exciting other things in the works around Blockchain technology solutions, some really exciting acquisitions coming up, as well as building our own IP in house.
The one thing I want to make clear is, we’re a Blockchain technology company, not just a pure cryptocurrency mining play, although we are focusing on that in the beginning because it makes strategic sense.
James West: Okay. What are you mining?
Patrick Gray: So right now we’re mining Dash, Bitcoin, Bitcoin Cash, Ethereum, Decred, and we’re looking at purchasing some other rigs over the next few months to mine multiple other coins as well. So we’re very diversified. I think there’s a lot of companies out there that are focusing on a few different coins, and it’s really important to me that we’re diversified in the space. At the end of the day, I don’t necessarily believe in any single coin; what I do believe in is digital assets. I know that digital currencies are the next evolution of money, and digital assets as a whole will be here in 100 years. And I can’t say the same about any individual coin today.
James West: Yeah, well, I’m with you there 100 percent. Where do you do your mining?
Patrick Gray: Right now we’re currently mining in Vancouver; we’re paying about $0.04 kilowatt per hour. But we have one in Montreal as well that we pay $0.03 per kilowatt hour; we’re looking at facilities in Newfoundland, where we would pay $0.02 per kilowatt hour, and we’re also looking at acquiring a facility in Northern Quebec where there’s a dam onsite where we’d be producing our own electricity, which is very exciting.
James West: Yeah, that is exciting. I’ve talked to a few companies that are sort of putting their operations proximal to low-cost or zero-cost power sources, and that strikes me as pretty important when your highest input cost on mining is energy.
Patrick Gray: Yeah, absolutely. So there’s approximately 1,000 megawatts being consumed around the world; the majority of that is currently in China. You’ve probably read that that may be changing. To be an optimal, efficient mining facility, you need three things: low temperature, low electric costs, high speed internet. And there’s only a few places around the world that have all three: places like Russia, Sweden, Iceland, and Canada. Only about 14 percent of the world is currently mining, and the most profitable places to mine, which means 86 percent of the world, is mining in less efficient places, which gives HashChain a huge competitive advantage as we will be more profitable.
Ja